BAKU: The Entrepreneurship Development Fund of Azerbaijan, operating under the Ministry of Economy, has distributed preferential loans totaling over 3.2 billion manat ($1.8 billion). This announcement was made by Osman Khaliyev, Chairman of the Management Board of the Fund, during the ‘Innovative Solutions for Sustainable Microfinance’ conference.

According to Trend News Agency, more than 50,000 applications have been processed by the Fund, which collaborates with 40 authorized lending organizations. The Fund aims to increase the efficiency and speed of loan distribution and expand its partnerships with additional authorized lenders, including microfinance institutions.

Khaliyev stated that since 2021, the Fund has undertaken measures to streamline the loan application process. This includes reducing the required documentation and eliminating the need for a business plan for loans up to 200,000 manat. These changes are part of a broader effort to enhance access to financial resources for entrepreneurs in Az
erbaijan.